2.10 PROVISIONS, CONTINGENT LIABILITIES AND
CONTINGENT ASSETS

A provision is recognised when the Company has a present
obligation as a result of a past event and it is probable that
an outflow of embodying economic benefits will be required
to settle the obligation and there is a reliable estimate of
the amount of the obligation. Provisions are measured at
the best estimate of the expenditure required to settle the
present obligation at the Balance sheet date. Provisions are
determined by discounting the expected future cash flows
(representing the best estimate of the expenditure required
to settle the present obligation at the balance sheet date) at
a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability.

Contingent liability is a possible obligation arising from past
events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the entity or
a present obligation that arises from past events but is not
recognised because it is not probable that an outflow of
resources embodying economic benefits will be required to
settle the obligation or the amount of the obligation cannot
be measured with sufficient reliability.

Contingent liabilities are not recognised but are disclosed
in the notes. Contingent assets are neither recognised
nor disclosed in the financial statements. Provisions are
reviewed at each balance sheet date and adjusted to effect
current management estimates. Contingent liabilities are
recognised when there is possible obligation arising from
past events.

2.11 INCOME TAXES

Income tax expense comprises current and deferred tax. It
is recognised in statement of profit and loss except to the
extent that it relates to items recognised directly in equity
or in OCI.

(i) Current tax

Current tax is measured at the amount expected to
be paid in respect of taxable income for the year in
accordance with the Income Tax Act, 1961. Current
tax comprises the expected tax payable or receivable
on the taxable income or loss for the year and any
adjustment to the tax payable or receivable in respect
of previous years. It is measured using tax rates and
tax laws enacted or substantively enacted at the
reporting date.

Current income tax relating to items recognised
outside profit or loss is recognised outside profit or
loss (either in other comprehensive income or in equity).
Current tax items are recognised in correlation to the
underlying transaction either in OCI or directly in equity.
Management periodically evaluates positions taken
in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation
and establishes provisions where appropriate.

Current tax assets and current tax liabilities are offset
only if the Company has a legally enforceable right
to set off the recognised amounts, and it intends to
realise the asset and settle the liability on a net basis
or simultaneously.

(ii) Deferred tax

Deferred tax is provided using the liability method, on
temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in
the financial statements.

Deferred tax assets arising mainly on account of carry
forward losses and unabsorbed depreciation under tax
laws are recognised only if there is reasonable certainty
of its realisation.

Deferred tax assets on account of other temporary
differences are recognised only to the extent that there
is reasonable certainty that sufficient future taxable
income will be available against which such deferred
tax assets can be realised.

Deferred tax assets and liabilities are measured
using tax rates and tax laws that have been enacted
or substantively enacted at the Balance Sheet date.
Changes in deferred tax assets / liabilities on account
of changes in enacted tax rates are given effect to in the
standalone statement of profit and loss in the period of
the change. The carrying amount of deferred tax assets
are reviewed at each Balance Sheet date.

Deferred tax assets and deferred tax liabilities are off
set when there is a legally enforceable right to set¬
off assets against liabilities representing current tax
and where the deferred tax assets and deferred tax
liabilities relate to taxes on income levied by the same
governing taxation laws.

2.12 EARNINGS PER SHARE (BASIC AND DILUTED)

The Company reports basic and diluted earnings per equity
share. Basic earnings per equity share have been computed
by dividing net profit/loss attributable to the equity share
holders for the year by the weighted average number of
equity shares outstanding during the year. Diluted earnings
per equity share have been computed by dividing the net
profit attributable to the equity share holders after giving
impact of dilutive potential equity shares for the year by
the weighted average number of equity shares and dilutive
potential equity shares outstanding during the year, except
where the results are anti-dilutive.

2.13 BORROWING COSTS

Expenses related to borrowing cost are accounted using
effective interest rate. Borrowing costs are interest and
other costs (including exchange differences relating to foreign
currency borrowings to the extent that they are regarded as
an adjustment to interest costs) incurred in connection with
the borrowing of funds. Borrowing costs directly attributable
to acquisition or construction of an asset which necessarily
take a substantial period of time to get ready for their
intended use are capitalised as part of the cost of that asset.
Other borrowing costs are recognised as an expense in the
period in which they are incurred. The difference between
the discounted amount mobilised and redemption value of
commercial papers is recognised in the statement of profit
and loss over the life of the instrument using the EIR.

2.14 INVESTMENT IN SUBSIDIARIES

Investments in subsidiaries, joint ventures and associates
are recognised at cost as per Ind AS 27. Except where
investments accounted for at cost shall be accounted for
in accordance with Ind AS 105, Non-current Assets Held for
Sale and Discontinued Operations, when they are classified
as held for sale.

2.15 GOODS AND SERVICES TAX PAID ON ACQUISITION OF
ASSETS OR ON INCURRING EXPENSES

Expenses and assets are recognised net of the goods
and services tax paid, except when the tax incurred on a
purchase of assets or services is not recoverable from the
tax authority, in which case, the tax paid is recognised as
part of the cost of acquisition of the asset or as part of the
expense item, as applicable.

The net amount of tax recoverable from, or payable to, the
tax authority is included as part of receivables or payables,
respectively, in the balance sheet.

2.16 FOREIGN CURRENCY

Transactions in foreign currencies are recorded at the rate of
exchange prevailing on the date of the transaction. Exchange
differences arising on settlement of revenue transactions
are recognised in the statement of profit and loss. Monetary
assets and liabilities contracted in foreign currencies are
restated at the rate of exchange ruling at the Balance Sheet

date. Non-monetary assets and liabilities that are measured
at fair value in a foreign currency are translated into the
functional currency at the exchange rate when the fair value
was determined. Non-monetary assets and liabilities that are
measured based on historical cost in a foreign currency are
translated at the exchange rate at the date of the transaction.

2.17 STANDARDS ISSUED AND EFFECTIVE

Ministry of Corporate Affairs ("MCA”) had notified the
Companies (Indian Accounting Standards) Amendment
Rules, 2023 dated 31 March, 2023 to amend the following
Ind AS which were effective from 01 April, 2023. However,
these amendments does not have an impact on Financial
Statements and material accounting policy information.

Ind AS 1 - Presentation of Financial Statements - This
amendment requires the entities to disclose their material
accounting policies rather than their significant accounting
policies. The effective date for adoption of this amendment
is annual periods beginning on or after 01 April, 2023. The
Company has evaluated the amendment and the impact
of the amendment is insignificant in the Company's
financial statements.

Ind AS 8 - Accounting Policies, Changes in Accounting
Estimates and Errors - This amendment has introduced
a definition of accounting estimates' and included
amendments to Ind AS 8 to help entities distinguish changes
in accounting policies from changes in accounting estimates.
The effective date for adoption of this amendment is annual
periods beginning on or after 01 April, 2023. The Company
has evaluated the amendment and there is no impact on its
financial statements.

Ind AS 12 - Income Taxes - This amendment has narrowed the
scope of the initial recognition exemption so that it does not
apply to transactions that give rise to equal and offsetting
temporary differences. The effective date for adoption of
this amendment is annual periods beginning on or after 01
April, 2023. The Company has evaluated the amendment and
there is no impact on its financial statement.

2.18 STANDARDS NOTIFIED BUT NOT YET EFFECTIVE

There are no standards that are notified and not yet effective
as on the date.

3 CRITICAL ACCOUNTING ESTIMATES AND
JUDGEMENTS

The preparation of financial statements in conformity with Ind
AS requires management to make estimates, judgements and
assumptions that affect the application of accounting policies
and the reported amounts of assets and liabilities (including
contingent liabilities) and disclosures as of the date of the financial
statements and the reported amounts of revenues and expenses
for the reporting period. Actual results could differ from these
estimates. Accounting estimates and underlying assumptions are
reviewed on an ongoing basis and could change from period to
period. Appropriate changes in estimates are recognised in the

periods in which the Company becomes aware of the changes
in circumstances surrounding the estimates. Any revisions to
accounting estimates are recognised prospectively in the period
in which the estimate is revised and future periods. Following are
estimates and judgements that have significant impact on the
carrying amount of assets and liabilities at each balance sheet:

3.1 BUSINESS MODEL ASSESSMENT

Classification and measurement of financial assets depends
on the results of the SPPI (Solely Payments of Principal
and Interest) and the business model test. The Company
determines the business model at a level that reflects how
groups of financial assets are managed together to achieve
a particular business objective. This assessment includes
judgement reflecting all relevant evidence including how the
performance of the assets is evaluated and their performance
measured, the risks that affect the performance of the assets
and how these are managed. The Company monitors financial
assets measured at amortised cost or fair value through other
comprehensive income that are derecognised prior to their
maturity to understand the reason for their disposal and
whether the reasons are consistent with the objective of the
business for which the asset was held. Fair value through profit
or loss (FVTPL), where the assets are managed in accordance
with an approved investment strategy that triggers purchase
and sale decisions based on the fair value of such assets.
Such assets are subsequently measured at fair value, with
unrealised gains and losses arising from changes in the fair
value being recognised in the standalone statement of profit
and loss in the period in which they arise.

3.2 FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value of financial instruments is the price that
would be received to sell an asset or paid to transfer a
liability in an orderly transaction in the principal (or most
advantageous) market at the measurement date under
current market conditions (i.e., an exit price) regardless
of whether that price is directly observable or estimated
using another valuation technique. When the fair values
of financial assets and financial liabilities recorded in the
balance sheet cannot be derived from active markets, they
are determined using a variety of valuation techniques that
include the use of valuation models. The inputs to these
models are taken from observable markets where possible,
but where this is not feasible, estimation is required in
establishing fair values. Judgements and estimates include
considerations of liquidity and model inputs related to items
such as credit risk (both own and counterparty), funding
value adjustments, correlation and volatility. For further
details about determination of fair value please see note 46

Some of the Company's assets and liabilities are measured
at fair value for financial reporting purposes. Fair value is
the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date regardless of whether
that price is directly observable or estimated using another
valuation technique.

Fair value measurements under Ind AS are categorised into
Level 1,2, or 3 based on the degree to which the inputs to the
fair value measurements are observable and the significance
of the inputs to the fair value measurement in its entirety,
which are described as follows:

• Level 1: quoted prices (unadjusted) in active markets for
identical assets or liabilities that the Company can access
at measurement date

• Level 2: inputs other than quoted prices included in Level
1 that are observable for the asset or liability, either
directly or indirectly; and

• Level 3: inputs for the asset or liability that are not based
on observable market data (unobservable inputs) that the
Company can access at measurement date

3.3 EFFECTIVE INTEREST RATE (EIR) METHOD

The Company's EIR methodology, recognises interest
income / expense using a rate of return that represents the
best estimate of a constant rate of return over the expected
behavioural life of loans given / taken and recognises the
effect of potentially different interest rates at various stages
and other characteristics of the financial instruments.

This estimation, by nature, requires an element of judgement
regarding the expected behaviour and life-cycle of the
instruments, as well expected changes to India's base rate
and other fee income/expense that are integral parts of
the instrument.

3.4 PROVISIONS AND OTHER CONTINGENT LIABILITIES

The company operates in a regulatory and legal environment
that, by nature, has a heightened element of litigation risk
inherent to its operations. As a result, it is involved in various
litigation, arbitration and regulatory investigations and
proceedings in the ordinary course of the Company's business.

When the Company can reliably measure the outflow
of economic benefits in relation to a specific case and
considers such outflows to be probable, the Company
records a provision against the case. Where the probability of
outflow is considered to be remote, or probable, but a reliable
estimate cannot be made, a contingent liability is disclosed.

Given the subjectivity and uncertainty of determining the
probability and amount of losses, the Company takes into
account a number of factors including legal advice, the
stage of the matter and historical evidence from similar
incidents. Significant judgement is required to conclude on
these estimates.

3.5 SHARE BASED PAYMENTS

Estimating fair value for share based payment requires
determination of the most appropriate valuation model.
The estimate also requires determination of the most
appropriate inputs to the valuation model including the
expected life of the option, volatility and dividend yield
and making assumptions about them. The assumptions

and models used for estimating fair value for share based
payments transactions are discussed in note 42 "Employee
stock option plan" (ESOP).

3.6 EXPECTED CREDIT LOSS

When determining whether the risk of default on a
financial instruments has increased significantly since
initial recognition, the company considers reasonable
and supportable information that is relevant and available
without undue cost or effort. This includes both quantitative
and qualitative information and analysis, based on the
company's historical experience and credit assessment and
including forward-looking information.

The inputs used and process followed by the company in
determining the ECL have been detailed in note 47.

3.7 DEFERRED TAX

Deferred tax is recorded on temporary differences between the
tax bases of assets and liabilities and their carrying amounts, at
the rates that have been enacted or substantively enacted at the
reporting date. The ultimate realisation of deferred tax assets is
dependent upon the generation of future taxable profits during
the periods in which those temporary differences become
deductible. The Company considers the expected reversal of
deferred tax liabilities and projected future taxable income in
making this assessment. The amount of the deferred tax assets
considered realisable, however, could be reduced in the near
term if estimates of future taxable income during the carry¬
forward period are reduced.

3.8 DEFINED BENEFIT PLANS

The cost of the defined benefit plans and the present value
of the defined benefit obligation are based on actuarial
valuation using the projected unit credit method. An
actuarial valuation involves making various assumptions
that may differ from actual developments in the future.
These include the determination of the discount rate, future
salary increases and mortality rates. Due to the complexities
involved in the valuation and its long-term nature, a
defined benefit obligation is highly sensitive to changes in
these assumptions. All assumptions are reviewed at each
reporting date.

3.9 LEASES

Ind AS 116 defines a lease term as the non-cancellable period
for which the lessee has the right-to-use an underlying asset
including optional periods, when an entity is reasonably
certain to exercise an option to extend (or not to terminate)
a lease. The Company consider all relevant facts and
circumstances that create an economic incentive for the
lessee to exercise the option when determining the lease
term. The option to extend the lease term are included in
the lease term, if it is reasonably certain that the lessee will
exercise the option. The Company reassess the option when
significant events or changes in circumstances occur that
are within the control of the lessee.

Note (a):

The Company has entered into an official partner agreement. In terms of this agreement, a bank guarantee has been issued for securing

the Company's obligation to make rights fees as well as performance of other obligations.

Note (b):

Above disputed income tax demands not provided for includes:

(i) H 93.91 million (31 March, 2024: H 93.91 million) on account of disallowance made as speculation loss for A.Y. 2009-10 considered
by ITAT in favour of the Company. Department filed an appeal before Hon'ble High Court of Bombay on 25 July,, 2018;

(ii) H 7.53 million (31 March, 2024: H 7.53 million) on account of disallowance made as speculation loss for A.Y. 2012-13 vide reassessment
order dated 15 December, 2017 passed by Assessing Officer. Company filed an appeal before CIT(A) on 17 January, 2018;

(iii) H 1.99 million (31 March, 2024: H 1.99 million) on account of disallowance made under Section 14A for A.Y. 2020-21 vide assessment
order dated 27 September, 2022 passed by Assessing Officer. Company filed an appeal before CIT(A) on 25 October, 2022;

(iv) H 0.11 million (31 March, 2024: H 0.11 million) demand for F.Y. 2017-18 made by GST officer, Punjab vide order dated 20 December,
2023. Company filed an appeal before the Appellate Authority on 20 March, 2024;

(v) H 0.38 million (31 March, 2024: Nil) demand for F.Y. 2018-19 made by GST officer, Punjab vide order dated 19 April, 2024. Company
filed an appeal before the Appellate Authority on 18 July, 2024;

(vi) H 0.33 million (31 March, 2024: Nil) demand for F.Y. 2017-18 to 2019-20 made by GST officer, Bihar vide order dated 5 February, 2025.
Company filed an appeal before the Appellate Authority on 04 April, 2025; and

(vii) H 0.94 million (31 March, 2024: Nil) demand for F.Y. 2020-21 made by GST officer, Karnataka vide order dated 25 February, 2025.
Company is in the process of filing an appeal before the Appellate Authority.

(viii) H Nil (31 March, 2024: H 1.42 million) demand for F.Y. 2018-19 made by GST officer, Telangana vide order dated 27 April, 2024. Appellate
authority passed an favourable order on 16 July, 2024.

Above disputed demands does not include interest under the Income Tax Act, 1961 and GST Act, 2017 as the same is not determinable

till the final outcome. The management believes that the ultimate outcome of the above proceedings will not have a material adverse

effect on the Company's financial position and result of operations.

(B) DEFINED BENEFIT PLANS

Gratuity payable to employees

The Company's liabilities under the Payment of Gratuity Act,1972 are determined on the basis of actuarial valuation made at the
end of each reporting period using the projected unit credit method.

The gratuity benefit is provided through unfunded plan and annual contributions are charged to the statement of profit and loss.
Under the scheme, the settlement obligation remains with the Company. Company accounts for the liability for future gratuity
benefits based on an actuarial valuation. The net present value of the Company's obligation towards the same is actuarially
determined based on the projected unit credit method as at the Balance Sheet date.

The plan is of a final salary defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks
pertaining to the plan. The actuarial risks associated are:

Discount rate

Discount rate for this valuation is based on government bonds having similar term to duration of liabilities. Due to lack of a deep
and secondary bond market in India, government bond yields are used to arrive at the discount rate.

Mortality/ disability

If the actual mortality rate in the future turns out to be more or less than expected then it may result in increase / decrease in
the liability.

Employee turnover/withdrawal rate

If the actual withdrawal rate in the future turns out to be more or less than expected then it may result in increase / decrease in
the liability.

Salary escalation rate

More or less than expected increase in the future salary levels may result in increase / decrease in the liability.

42 EMPLOYEE STOCK OPTION PLAN

- On 26 April, 2018, the Board of Directors approved the Angel Broking Employee Stock Option Plan 2018 ("ESOP Plan 2018") to
issue stock options to key employees and directors of the Company and its subsidiaries. According to the ESOP Plan 2018, the
employees selected by the Nomination and Remuneration Committee, from time to time, are entitled to options, subject to
satisfaction of the prescribed vesting conditions, viz., continuing employment and subject to performance parameters defined
in the ESOP Plan 2018.

- On 28 January, 2021, the Board of Directors approved the Angel Broking Employee Long Term Incentive Plan 2021 ("LTI Plan
2021") to issue options, equity settled Restricted Stock Units (RSU) and Performance Stock Units (PSU) to eligible employees
of the Company and its subsidiaries to attract, retain and motivate key talent, align individual performance with the Company
objective by rewarding senior management and key high performing employees, subject to the approval of shareholders . The
shareholders approved the LTI Plan 2021 through Postal ballot on 05 March, 2021. According to the LTI Plan 2021, the Nomination
and Remuneration Committee ("Committee") will decide which of the eligible employees should be granted Award units under
the plan and accordingly, the Committee would offer the Award units to the identified employees under the LTI Plan 2021 to the
extent permissible by applicable laws. Selection of participants for a given year will be based on and include role scope, level,
performance and future potential, manager recommendation and any other criteria as approved by the Committee for the given
year subject to satisfaction of the prescribed vesting conditions, viz., continuing employment in case of options, continuing
employment and performance parameters in case of PSUs.

c) Capital Infusion in wholly owned Subsidiary

The Company has invested in equity shares of Angel One Trustee Limited at face value of H 10 per share (incorporated on 26 May,
2023) amounting to H 4.90 million and Angel One Foundation Ltd at face value of H 10 per share (incorporated on 10 November, 2024)
amounting to H 1.00 million. Both the company are wholly owned subsidiaries.

d) Employee stock option scheme

The Company has granted restricted stock and performance stock units to the employees of the few of its wholly owned subsidiaries.
The Company has obtained valuation report determining value as on the grant date. The excess of option value over the exercise
price is recognised as a deemed investment in the books of the company.

e) Lease income

The company has its owned property, located in Andheri for use as the corporate office. The lease agreement requires the
subsidiaries to pay fixed lease rental on a monthly basis. The company and its subsidiaries mutually negotiates and agrees, and
payment terms with the related parties by benchmarking the same to transactions with third party i.e. at available market rate at
the same premises.

The company also has owned its investment property, located in Andheri. The lease agreement requires the director to pay fixed
lease rental on a monthly basis.

The above lease agreement with related parties does not contain any escalation clauses, are short term in nature and renewable at
the end of lease term. The company has not recorded any impairment on lease payments due from the related party. Refer note 32

f) Software Maintenance Charges

One of the subsidiaries is engaged in providing software and support, maintenance and project services. The company mutually
negotiates and agrees, and payment terms with the subsidiary by benchmarking the same to transactions with non-related parties.
It requires the company to make monthly payments within 15 days from the date of invoice.

g) Business support services incurred (includes employee benefits expense and electricity)

The Company has entered into business support service agreements with the subsidiaries for providing shared services which
includes medical insurance, employee benefit expense and electricity. These expenses are allocated based on ratios defined in
the agreement. The shared services are provided to subsidiaries to operate the business in an economical and efficient manner.

h) Business support services received (includes business support services and car parking)

The Company has entered into business support services agreement with one of the subsidiaries for using his owned office space
at Andheri, along with other support facilities. The company and its subsidiaries mutually negotiate and agrees, the payment terms
with the related parties by benchmarking the same to transactions with third party. In addition to above the subsidiary also recovers
the proportionate expenses towards property tax, electricity and water charges, etc. based on area occupied.

i) Reimbursement of Expenses

In case the company make certain payment on behalf of subsidiaries then the same is recovered from the said subsidiaries as
reimbursement. The amount recoverable are unsecured and interest free.

j) Commission paid for Commercial paper

Commission for arranging Commercial paper issued by the company is charged by one of the subsidiaries. The company mutually
negotiates with subsidiary and agrees arranger fees by benchmarking the same to with the similar transaction with unrelated party.

k) Remuneration paid (including ESOP Charged)

The amounts disclosed are the amounts recognised as an expensed during the financial year related to KMP which includes short term
benefits and Employee stock option expensed. The amounts do not include expense, if any, recognised toward post-employment
benefits and other long-term benefits of key managerial personnel. Such expenses are measured based on an actuarial valuation
done for each Company as a whole. Hence, amounts attributable to KMPs are not separately determinable.

l) Directors' sitting fees and Commission to non-executive directors

All the Non-Executive Directors were paid sitting fees for attending the meetings of the Board and Committees constituted by the
Board. Apart from above, there are no other pecuniary relationship or transactions between any Non-Executive Directors and the
Company during the year under review. Commission to the Non-Executive Directors of the Company is not exceeding 1% of the net
profits of the Company. The amounts disclosed are the amounts recognised as an expensed during the financial year.

No share options have been granted to the non-executive members of the Board of Directors under this scheme.

m) Dividend paid / payable

Interim Dividend and final dividend are paid/payable to all the shareholders whose name/s appear in the register of members as
on the record date including related parties of the companies which is approved by the board of directors/shareholders (in case of
final dividend).

n) Intercorporate deposit

The Intercorporate deposit given/ taken between the group are for the purpose of investment of its surplus funds for the purpose
of business activities. The loan rate is determined by considering the average borrowing rate of the group and all intercorporate
deposits are repayment on demand. During the year ended the Group has not recorded any impairment on Intercorporate deposits.

o) Payable to Subsidiaries & Trade Payables to Key managerial person

Trade payables outstanding balances and payable to subsidiaries are unsecured, interest free and require settlement in cash. No
guarantee or other security has been given against these payables.

p) Recoverable from group companies

Recoverable from group companies are unsecured, interest free and require settlement in cash. No guarantee or other security
has been received against these receivables.

q) Trade receivable

Trade receivables outstanding balances are unsecured, interest free and require settlement in cash. No guarantee or other security
has been received against these receivables.

r) Other receivables

No rent is charged by one of the directors on property which is used as an office by the Company. H 7.50 million pertains to security
deposits paid against the same property.

44 SEGMENT REPORTING

The Company's operations predominantly relate to equity, currency and commodity broking and its related activities business and is the
only operating segment of the Company. The Chairman and Managing Director of the Company has been indentified as Chief Operating
Decision Maker (CODM) as defined under IND AS 108, reviews the operations of the Company as one operating segment. Hence no separate
segment information has been furnished herewith.

The Company does not have non-current assets outside India

No customer individually accounted for more than 10% of the revenues during the year ended 31 March, 2025 and 31 March, 2024.

45 LEASES

INFORMATION ABOUT LEASE

The Company has taken office premises at certain locations and vehicles on operating lease. The agreements are executed for a period
ranging from 11 months to 120 months.

The changes in the carrying value of right-of-use assets for the year ended 31 March, 2025 and 31 March, 2024 has been disclosed in note 13.

The aggregate depreciation expense on right of use assets is included under depreciation and amortisation expense in the statement
of profit and loss.

The movement in lease liabilities has been disclosed in note 21.

The carrying amount of cash and bank balances, trade receivables, loans, trade payables, borrowings and other receivables and payables
are considered to be the same as their fair values due to their short term nature. The fair values of borrowings (lease liability) and security
deposits were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair
value hierarchy due to the inclusion of unobservable inputs including own and counterparty credit risk.

* Valuation techniques used to determine fair value

Specific valuation techniques used to value financial instruments includes investment in equity investment valued at quoted closing
price on stock exchange / other basis based on materiality.

47 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company is exposed to various financial risks. These risks are categorised into market risk, credit risk and liquidity risk. The
Company's risk management is coordinated by the Board of Directors and focuses on securing long term and short term cash flows. The
Company does not engage in trading of financial assets for speculative purposes.

(A) MARKET RISK

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises following types of risk: interest rate risk and currency risk. Financial instruments affected by market
risk include borrowings.

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company is exposed to interest rate risk arising mainly from borrowings with floating interest rates.
The Company is exposed to interest rate risk because the cash flows associated with floating rate borrowings will fluctuate
with changes in interest rates. The Company manages the interest rate risks by maintaining a debt portfolio comprising a mix
of fixed and floating rate borrowings.

(ii) Foreign currency risk

Foreign currency risk is the risk that the fair value for future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates. As at each reporting date, the Company does not have significant exposure in foreign
currency, therefore it is not exposed to currency risk.

(B) CREDIT RISK

Credit risk is the risk that the Company will incur a loss because its customers or counterparties fail to discharge their contractual
obligation. The Company manages and controls credit risk by setting limits on the amount of risk it is willing to accept for individual
counterparties, and by monitoring exposures in relations to such limits.

The maximum exposure to credit risk for each class of financial instruments is the carrying amount of that class of financial
instruments presented in the financial statements. The Company's major classes of financial assets are cash and cash equivalents,
loans, term deposits, trade receivables and security deposits.

Cash and cash equivalents and term deposits with banks are considered to have negligible risk or nil risk, as they are maintained
with high rated banks / financial institutions as approved by the Board of directors. Security deposits are kept with stock exchanges
for meeting minimum base capital requirements. These deposits do not have any credit risk.

The management has established accounts receivable policy under which customer accounts are regularly monitored. The Company
has a dedicated risk management team, which monitors the positions, exposures and margins on a continuous basis.

Expected credit loss
A) Trade receivables

The Company applies the Ind AS 109 simplified approach to measure expected credit losses which uses a lifetime expected
loss allowance (ECL) for all trade receivables.

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises
impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics
as follow:

• Receivable from Brokerage (Secured by collaterals mainly in form of Securities of listed Company)

• Receivable from Exchange (Unsecured)

• Receivable from Depository (Secured by collaterals mainly in form of Securities of listed Company)

Receivable from exchange (unsecured): There are no historical loss incurred in respect of receivable from exchange. Entire
exposure/receivable as at each reporting period is received and settled within 7 days from reporting period. Therefore, no
ECL is recognised in respect of receivable from exchange.

Receivable from brokerage and depository: Company has large number of customer base with shared credit risk characteristics.
As per policy of the Company, trade receivable to the extent not covered by collateral (i.e. unsecured trade receivable) is
considered as default and are fully written off as bad debt against respective trade receivables and the amount of loss is
recognised in the statement of profit and loss. Subsequent recoveries of amounts previously written off are credited to the

B) Margin trading facilities:

In accordance with Ind AS 109, the Company applies expected credit loss model (ECL) for measurement and recognition of
impairment loss. The expected credit loss is a product of exposure at default (EAD), probability of default (PD) and loss given
default (LGD). The financial assets have been segmented into three stages based on the risk profiles, primarily based on
past due.

Company has large number of customer base with shared credit risk characteristics. Margin trading facilities are secured by
collaterals. As per policy of the Company, margin trading facilities to the extent covered by collateral and servicing interest
on a regular basis is not considered as due/default. Accounts becoming due/default are fully written off as bad debt against
respective receivables and the amount of loss is recognised in the Statement of Profit and Loss. Subsequent recoveries of
amounts previously written off are credited to the Statement of Profit and Loss as bad debts recovered.

As per Ind AS 109, the maximum period to consider when measuring expected credit losses is the maximum contractual period
(including extension options) over which the entity is exposed to credit risk and not a longer period, even if that longer period
is consistent with business practice. Therefore, the maximum period to consider when measuring expected credit losses for
these trading facilities is the maximum contractual period (i.e. on demand/one day).

49 CAPITAL MANAGEMENT

RISK MANAGEMENT

The Company manages its capital structure and makes necessary adjustments in light of changes in economic conditions and the
requirement of financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to
shareholders, return on capital to shareholders, issue new shares or raise / repay debt.

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable
to the equity holders. The primary objective of the Company's capital management is to maximise the shareholder value and to ensure
the Company's ability to continue as a going concern. There is no non-compliance with any covenants of borrowings. No changes were
made in the objectives, policies or processes for managing capital during the years ended 31 March, 2025 and 31 March, 2024.

50 CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENSES

As per Section 135 of the Companies Act, 2013, a company meeting the activity threshold needs to spend at least 2% of its average ne'
profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The company undertook
initiatives to channelise efforts to empower the underprivileged constituents of society through programmes designed in the domains o'
financial and digital literacy, skilling and placement of youth in Maharashtra, Rajasthan, Madhya Pradesh, Karnataka, Gujarat, Telangana
Delhi, Jammu, Kashmir, Jharkhand and West Bengal.

To implement the programmes the Company partnered with eight credible Not-For-Profit Organisations namely Raah Foundation, NN1
Foundation, Sambhav Foundation, Aajeevika Bureau Trust, Kherwadi Social Welfare Association, Trust for Retailers and Retail Associates
of India, Bright Future and Anudip Foundation.

Gross amount required to be spent by the Company during the year H 236.09 million (previous year H 160.36 million)

Gross amount approved by board to be spent by the Company during the year H 240.12 million (previous year H 160.40 million)

53 OTHER STATUTORY INFORMATION

(a) Additional regulatory information required under (WB) (xiv) of Division III of Schedule III amendment, disclosure of ratios, is
not applicable to the company for current and previous financial year as it is in broking business and not an NBFC registered
under Section 45-IA of Reserve Bank of India Act, 1934.

(b) During the years ended 31 March, 2025 and 31 March, 2024, there were no charges or satisfaction yet to be registered with
Registrar of Companies beyond the statutory period.

(c) During the years ended 31 March, 2025 and 31 March, 2024, the Company did not have any transactions which had not been
recorded in the books of account that had been surrendered or disclosed as income during the current and previous year in
the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income
Tax Act, 1961).

(d) The company does not hold any benami property and no proceedings have been initiated or pending against the company for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder
during the years ended 31 March, 2025 and 31 March, 2024.

(e) The Company has not traded or invested in Crypto currency or Virtual Currency during the years ended 31 March, 2025 and
31 March, 2024.

(f) During the years ended 31 March, 2025 and 31 March, 2024, the Company is not declared wilful defaulter by any bank or financial
institution or other lender.

(g) During the current and previous year, the Company has complied with the requirements of the number of layers prescribed
under Section 2(87) of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

(h) During the current and previous year, the Company has no transactions with the companies struck off under section 248 of
Companies Act, 2013.

(i) For the current and previous financial year, quarterly statements of current assets filed with banks and financial institutions
for fund borrowed from those banks and financial institutions on the basis of security of current assets are in agreement with
the books of account.

(j) During the years ended 31 March, 2025 and 31 March, 2024, the Company has not advanced or loaned or invested funds to any
other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(k) During the years ended 31 March, 2025 and 31 March, 2024, the Company has not received any fund from any person(s) or
entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that
the Company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the
Ultimate Beneficiaries.

54 RESTRUCTURING

The Board of Directors of the Company, at their meeting held on 09 August, 2023, approved the scheme of arrangement ("Scheme”)
for transferring and vesting certain business undertakings of the Company, to its two wholly owned subsidiaries, Angel Securities
Limited ("ASL”) and Angel Crest Limited ("ACL”) as a going concern, on slump sale basis, pursuant to which the broking business and
depository participant operations of the Company being conducted through its two Business Undertakings (as defined in the said
Scheme document), were supposed to be transferred to Angel Securities Limited and Angel Crest Limited, respectively. However,
the Board of Directors, vide Circular Resolution dated 12 February, 2025, has decided to withdraw the proposed Scheme.

55 The Company has used Oracle fusion (SAAS) software for maintaining its books of account which has a feature of recording audit
trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software, except
that management is not in possession of an examination report to determine whether the audit trail feature of the said software
was enabled and operated throughout the year at database level; Inhouse for maintaining its books of account which has a feature
of recording audit trail (edit log) facility and the same has operated during the period 23 April, 2024 to 31 March, 2025 for all relevant
transactions recorded in the software; Class for maintaining its books of account which has a feature of recording audit trail (edit
log) facility and the same has operated during the period 08 October, 2024 to 31 March, 2025 for all relevant transactions recorded
in the software. Further, no instance of audit trail feature being tampered with was noted in respect of accounting software(s)
where the audit trail has been enabled. Additionally, the audit trail of the prior year has been preserved by the Company as per the

statutory requirements for record retention, to the extent it was enabled and recorded in the prior year. The Company has used
third party accounting software i.e. Oracle Fusion (SAAS) for maintaining its books of account. The service provider has confirmed
to the management that it takes a backup of the books of account on a daily basis which has been maintained on servers physically
located in India and retained for 14 days along with a weekly back retained for 60 days. Such periodic backups are for Oracle's sole
use to minimise data loss in the event of an incident. Further, such data can be provided upon termination of the contract; Inhouse
and Class where the books of account and relevant documents are backed up on a daily basis on servers physically located in India,
however the management is not in possession of relevant evidence to establish whether the back-up was taken on a daily basis for
the period 05 August, 2022 to 31 March, 2023; and Onex where the books of account and relevant documents are backed up on a
daily basis on servers physically located in India.

56 SUBSEQUENT EVENTS

The Board of Directors have further recommended a final dividend of H 26 per equity share for the financial year ended on 31
March, 2025. Payment of the final dividend is subject to its approval by the shareholders, in the ensuing Annual General Meeting of
the Company.

57 The standalone financial statements of the Company for the year ended 31 March, 2025 were approved for issue in accordance
with a resolution of the Board of Directors on 16 April, 2025.

As per our report of even date

For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors

Firm Registration No.: 301003E/E300005

Chartered Accountants

Rutushtra Patell Dinesh Thakkar Ambarish Kenghe

Partner Chairman & Managing Director CEO & Whole Time Director

Membership No.: 123596 Din: 00004382 Din: 10949234

Vineet Agrawal Naheed Patel

Chief Financial Officer Company Secretary

Membership No.: ACS22506

Place: Mumbai Place: Mumbai

Date: 16 April, 2025 Date: 16 April, 2025